Meet the newest tool for financial educators to get people talking more about money: Book Club.
Book clubs create a forum where it’s easy to talk about difficult things with a diverse group of people, says Katie Obelhor, a certified financial advisor in Cincinnati.
“Talking about money is often difficult, with a lot of shame and deeply held beliefs,” she adds. Books offer an entry point to what might otherwise be a challenging conversation.
Inspirational new discussion
Certified financial counselor Bryce Jorgensen started a book club at New Mexico State University Extension to help engage community members in financial discussions.
“People love book clubs so they’ll come and participate, and we’ll talk about money,” he says. He has read “The Millionaire Next Door” by Thomas Stanley and William Danko, as well as “Your Best Year” by Michael Hiatt.
At Utah State University Extension, Extension professor and certified financial counselor Amanda Christensen started a finance-themed book club with colleagues five years ago. The goal, she says, is to encourage people to think about new ways to approach financial wellness while promoting financial empowerment and community building.
Seeking to increase confidence
Because the books often feature real stories of people facing money challenges, they can help ease the discussion of abstract concepts like budgeting or investing, Christensen says.
Utah State Book Club participants said they felt more confident in their ability to manage their finances after participating in the book club.
Sounds like a good idea, right? To start your own financial book club—with friends, neighbors, or your wider community—consider these guide posts:
Give participants a reading schedule. “Be clear about what chapters will be discussed each week, so they can prepare,” says Christensen. She also suggests emailing notes and insights after book club meetings.
Create a safe space. Christensen says using icebreakers can warm participants up to sharing their thoughts about money. If it’s virtual, consider keeping it live. Recording the session may discourage people from sharing. Including anonymous polls during a book club through an online meeting platform can also help increase engagement.
- Highlight action steps. Christensen suggests giving people a little homework to implement before the next session — like budgeting or making a debt repayment plan. Handing out worksheets or sharing exercises online can also help.
Continue the discussion on social media. Interactive forums can help increase engagement. For example, a club at the University of Kentucky created a companion private Facebook page so participants could share their thoughts online.
Choose books that resonate with your audience. Jorgensen says his community is interested in investing, so he selects books accordingly. Others may be interested in teaching children about money or paying off debt. Choose a book that fits your specific demographic, he says.
Be creative with your book selection. Self-help is not for everyone. But some memoirs and novels lend themselves to conversations about money topics, so you don’t have to limit yourself to the personal finance section, says Ubelhor. “Money shouldn’t be the main theme,” she adds.
Consider telling your story. Sometimes, reading a book can inspire people to write their own zodiac story to further explore their experiences. Ubelhor, for example, is currently working on a book about why she never felt like she had “enough” money. She uses these personal insights about fulfillment today when working with her financial coaching clients.
